Closed-end fund Imo Pan Iberian Retail has completed the acquisition of Porto Gran Plaza shopping centre in the Portuguese city of Porto for EUR 65 mln. The property was built and sold by Portuguese developer Ferreiros & Almeida.
Closed-end fund Imo Pan Iberian Retail has completed the acquisition of Porto Gran Plaza shopping centre in the Portuguese city of Porto for EUR 65 mln. The property was built and sold by Portuguese developer Ferreiros & Almeida.
Porto Plaza was opened in November last year and comprises 20,300 m2 of gross lettable area and 420 parking spaces. The centre offers 75 units, including the anchor tenants Media Markt, Virgin Active (health club & SPA) and Minipreco (Portuguese supermarket stores).
Fund manager Imorendimento said the centre acquired by its retail fund is expected to have eight million visits and estimated sales of EUR 41 mln in its first full year of operation.
Managed by Imorendimento, Imo Pan Iberian Retail is a fund with a ten-year life from the first closing date, which took place in 2007. The target size is EUR 570 mln. The fund's objective is to provide institutional investors with indirect exposure to real estate and property rights in retail and logistics properties located in Portugal and Spain, with the majority of these properties being recently completed or in the process of development.
Aberdeen Property Investors Indirect Investment Management (API IIM) acted on behalf of some of its clients in connection to the Fund's first closing.
